China's largest pharmaceutical products distributor by sales, Sinopharm Group Corporation received good response to its Initial Public Offering, attracting institutional orders worth more than US$28 billion before the starting of the retail subscription.

The company hopes to raise US$1.12 billion in a Hong Kong IPO by selling l 545 million shares in an indicative range of HK$12.25 to HK$16 each and it seems to materialize its dreams amid hopes of more companies placing orders.

A person familiar with the development said that Singapore state-owned investment company Temasek Holdings Pte. Ltd. and Prince Walid bin Talal of Saudi Arabia placed orders worth US$100 million each while Tycoon Li Ka-shing and Sun Hung Kai Properties Ltd are said to have placed orders of US$50 million each.

Bank of China Group Investment Ltd., CCB International Asset Management Ltd., China Life Insurance Co. and Government of Singapore Investment Corporation are among the nine cornerstone investors who guaranteed a combined US$195 million worth of shares.

The company, with market shares of 10 per cent, started institutional book building for the IPO on Friday for which retail investors can buy shares on Tuesday.